January 23, 2019
Clifford Chance advises CDPQ on its acquisition of a minority interest in SURA Asset Management, launching a strategic partnership across Latin America
International law firm Clifford Chance is advising La Caisse de dépôt et placement du Québec ("CDPQ"), a leading long-term institutional investor, on the acquisition from Banagricola S.A. and International Investments S.A. of a strategic minority interest in Grupo SURA’s subsidiary SURA Asset Management ("SUAM").
SUAM is one of Latin America’s leading financial institutions with more than 20 million clients in Mexico, Colombia, Peru, Chile, El Salvador and Uruguay and US$135 billion in assets under management. Through this new investment and enhanced strategic partnership, SUAM will pursue a sustainable growth strategy in the investment, savings and pension fund management sectors throughout Latin America.
CDPQ manages over $300 billion in assets, being one of Canada's leading institutional fund managers. It has global investments in major financial markets, private equity, infrastructure, real estate and private debt.
Grupo Sura is listed in the Colombian Stock Exchange (BVC) and is registered with the ADR- Level 1 program in the US. Grupo Sura, founded in 1944 in Medellin, is a holding company with a strategic focus on the financial services sector in Latin America with its portfolio consisting of financial services, industry and corporate ventures. The deal is expected to close in the first quarter of 2019, following regulatory approval.
The Firm's team on the deal is being led from New York by M&A partner Thais Garcia and includes associates Neil Barlow, Carla Ruggero and Laura Loaiza. Partner Timothy Cornell and associate Santiago Roca Arribas are advising on antitrust matters, and partner Megan Gordon and associates Catherine Ennis and Jose Garcia Cueto are advising on regulatory issues.